Unify Credit Union has increased its borrowing limits to support people who may be struggling as a result of the pandemic and stop them from becoming another statistic.
A new survey ‘Financial Lives’ by the Financial Conduct Authority (FCA) revealed 1 in 4 adults have been left ‘financially vulnerable’ due to Covid-19 and are expecting to struggle to make ends meet.
The survey also showed that low levels of savings and reduced or erratic earnings are reportedly on the rise in the UK, with as many as 16% of people saying they were more likely to take on debt as a consequence.
To help ease the strain, people in Wigan borough can now borrow up to £2000 with the Unify Credit Union Premiere Loan, with competitive rates on offer for those with good credit, in order to provide people with a more affordable and ethical alternative to typical high street banking services.
Chief Executive, Angela Fishwick, said: “We have increased our borrowing limits to give people the little lift up they need through these tough times. We want to act as a safety net to stop their debt from spiralling out of control so they don’t become another statistic.
“Banks are reluctant to lend small amounts of money and we want people in Wigan know that the credit union is there if they need it.
“We are dedicated to serving the local community, especially amidst all of the current challenges that people are facing.”
In the last year alone, Unify has helped members save more than £3 million by offering loans with lower interest rates.
The credit union also helps to keep money in the local economy, avoiding external shareholders by lending what other members have saved.